It's done! Six zeroes were removed from the Venezuelan currency yesterday, hyperinflation at its best! This is why crypto is important! Two days ago one BTC was 220,000,000,000 Bs. (old) today is 220,000 Bs. (new)

Hi guys, Venezuelan living here. Crypto enthusiast.

Yesterday six zeroes were removed from the national currency. 1,000,000 Bs. (VES is the ISO code) were converted in 1 Bs.

Same ISO code, by the way.

This is how it was done in the bank (here commas are swapped with periods):

Two days ago:

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Two days account bank balance (around 14 USD)

Yesterday:

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Yesterday account balance (still around 14 USD)

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• One USD is around 5 Bs.
• Monthly minimum wage is 10 Bs., that would be 2 USD. (Yes, 2 USD monthly).
• One BTC is around 220,000 Bs.

As this happens, around 40 BTC are traded weekly using Localbitcoin. And many places accept crypto as payment like Traki (a department store).

Hyperinflation tracking: https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/